Detailed financial statements for Stanley Black & Decker, Inc. (SWK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Stanley Black & Decker, Inc. (SWK) is a global enterprise primarily engaged in two core business segments: Tools & Storage and Industrial operations. Its geographical footprint extends across the United States, Canada, the wider Americas region, France, the rest of Europe, and Asia. The Tools & Storage segment provides a comprehensive array of products catering to both professional and consumer markets.
Analysis Summary
Stanley Black & Decker, Inc. reported revenue of $15.13B in the most recent fiscal year, growing at a 5-year CAGR of 3.0%. Net income reached $401.9M, with a -20.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 31.7%, operating margin 8.3%, net margin 4.1%. Free cash flow grew at -16.3% CAGR over 5 years.
At the current price of $91.34, SWK trades at a P/E of 22.39 and an ROE of 6.90%. Market capitalisation stands at $13.8B, placing it among large-cap names.
Balance sheet quality for SWK: current ratio of 1.1, net debt of $5.72B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $687.9M represents 171% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.41B | $12.97B | $13.98B | $12.91B | $13.06B | $15.28B | $16.95B | $15.78B | $15.37B | $15.13B |
| Cost of Revenue | $7.12B | $8.13B | $9.08B | $8.64B | $8.60B | $10.20B | $12.84B | $11.68B | $10.76B | $10.61B |
| Gross Profit | $4.29B | $4.83B | $4.90B | $4.27B | $4.45B | $5.08B | $4.10B | $4.10B | $4.60B | $4.52B |
| Research & Development | $204.4M | $252.3M | $275.8M | $240.8M | $200.0M | $276.3M | $357.4M | $362.0M | $328.8M | 0 |
| Selling, General & Admin | $2.42B | $2.71B | $2.74B | $2.26B | $2.31B | $2.73B | $2.83B | $2.83B | $2.92B | $3.25B |
| Operating Expenses | $2.62B | $2.96B | $3.01B | $2.50B | $2.51B | $3.01B | $3.19B | $3.19B | $3.25B | $3.36B |
| Operating Income | $1.67B | $1.87B | $1.89B | $1.77B | $1.95B | $2.07B | $913.7M | $908.8M | $1.35B | $1.15B |
| EBITDA | $1.81B | $2.20B | $1.79B | $1.92B | $2.00B | $2.35B | $942.8M | $802.7M | $1.32B | $1.27B |
| Interest Expense | $194.5M | $222.6M | $277.9M | $284.3M | $223.1M | $185.4M | $338.5M | $559.4M | $498.6M | $464.8M |
| Pre-tax Income | $1.23B | $1.53B | $1.02B | $1.08B | $1.23B | $1.61B | $37.9M | -$375.7M | $241.1M | $417.9M |
| Income Tax | $261.2M | $300.9M | $416.3M | $126.8M | $43.0M | $55.1M | -$132.4M | -$94.0M | -$45.2M | $16.0M |
| Net Income | $965.3M | $1.23B | $605.2M | $957.5M | $1.24B | $1.69B | -$133.7M | -$281.7M | $286.3M | $401.9M |
| EPS | $6.61 | $8.19 | $4.33 | $6.44 | $7.86 | $10.55 | $-0.94 | $-2.07 | $1.96 | $2.65 |
| EPS (Diluted) | $6.51 | $8.04 | $4.26 | $6.11 | $7.46 | $10.16 | $-0.89 | $-2.07 | $1.95 | $2.65 |
| Shares Outstanding (Diluted) | $148.2M | $152.4M | $151.6M | $156.4M | $162.4M | $165.0M | $156.6M | $149.8M | $151.3M | $152.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.13B | $637.5M | $311.4M | $297.7M | $1.24B | $142.1M | $395.6M | $449.4M | $290.5M | $280.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.30B | $1.63B | $1.61B | $1.45B | $1.16B | $1.48B | $1.23B | $1.30B | $1.15B | $919.7M |
| Inventory | $1.48B | $2.02B | $2.37B | $2.25B | $2.64B | $5.42B | $5.86B | $4.74B | $4.54B | $4.16B |
| Total Current Assets | $4.79B | $4.57B | $4.57B | $4.46B | $6.04B | $8.53B | $7.97B | $7.02B | $6.38B | $5.98B |
| Property, Plant & Equipment | $1.45B | $1.74B | $1.92B | $1.96B | $1.97B | $2.34B | $2.35B | $2.17B | $2.03B | $1.83B |
| Goodwill | $6.69B | $8.78B | $8.96B | $9.24B | $8.09B | $8.59B | $8.50B | $8.00B | $7.91B | $7.29B |
| Intangible Assets | $2.30B | $3.51B | $3.48B | $3.62B | $3.84B | $4.70B | $4.47B | $3.95B | $3.73B | $3.09B |
| Total Assets | $15.67B | $19.08B | $19.41B | $20.60B | $23.57B | $28.18B | $24.96B | $23.66B | $21.85B | $21.24B |
| Accounts Payable | $1.64B | $2.02B | $2.23B | $2.09B | $2.32B | $3.42B | $2.34B | $2.30B | $2.44B | $2.16B |
| Short-term Debt | $12.1M | $982.8M | $378.6M | $340.4M | $1.5M | $2.24B | $2.10B | $1.08B | $500.4M | $1.16B |
| Total Current Liabilities | $2.81B | $4.36B | $3.95B | $4.41B | $4.56B | $8.77B | $6.57B | $5.88B | $4.92B | $5.25B |
| Long-term Debt | $3.82B | $2.83B | $3.82B | $3.18B | $4.25B | $4.35B | $5.35B | $6.10B | $5.60B | $4.70B |
| Total Liabilities | $9.30B | $10.78B | $11.53B | $11.45B | $12.50B | $16.59B | $15.25B | $14.61B | $13.13B | $12.19B |
| Retained Earnings | $5.13B | $5.99B | $6.22B | $6.77B | $7.54B | $8.74B | $9.33B | $8.54B | $8.34B | $8.24B |
| Total Equity | $6.35B | $8.30B | $7.88B | $9.14B | $11.06B | $11.59B | $9.71B | $9.06B | $8.72B | $9.05B |
| Total Debt | $3.83B | $3.83B | $4.20B | $3.66B | $4.36B | $6.71B | $7.57B | $7.30B | $6.59B | $6.00B |
| Net Debt | $2.70B | $3.19B | $3.89B | $3.36B | $3.11B | $6.57B | $7.18B | $6.86B | $6.30B | $5.72B |
| Working Capital | $1.98B | $204.3M | $618.6M | $50.9M | $1.48B | -$241.0M | $1.41B | $1.13B | $1.46B | $733.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $964.9M | $1.23B | $645.9M | $958.0M | $1.23B | $1.69B | $1.06B | -$310.5M | $294.3M | $401.9M |
| Depreciation & Amortization | $408.0M | $460.7M | $506.5M | $560.2M | $578.1M | $577.1M | $572.2M | $625.1M | $589.5M | $512.4M |
| Stock-based Compensation | $81.2M | $78.7M | $76.5M | $88.8M | $109.1M | $118.3M | $90.7M | $83.8M | $105.4M | $82.8M |
| Change in Working Capital | $57.2M | -$261.1M | -$237.9M | $114.9M | $175.8M | -$1.41B | -$2.08B | $754.1M | $74.4M | -$123.1M |
| Operating Cash Flow | $1.49B | $1.42B | $1.26B | $1.51B | $2.02B | $663.1M | -$1.46B | $1.19B | $1.11B | $971.2M |
| Capital Expenditure | -$347.0M | -$442.4M | -$492.1M | -$424.7M | -$348.1M | -$519.1M | -$530.4M | -$338.7M | -$353.9M | -$283.3M |
| Acquisitions | -$59.3M | -$1.84B | -$527.6M | -$608.8M | -$1.27B | -$2.04B | $4.08B | 0 | $735.6M | 0 |
| Stock Repurchased | -$374.1M | -$28.7M | -$527.1M | -$27.5M | -$26.2M | -$34.3M | -$2.32B | -$16.1M | -$17.7M | -$14.7M |
| Dividends Paid | -$330.9M | -$362.9M | -$384.9M | -$402.0M | -$450.6M | -$493.7M | -$471.6M | -$482.6M | -$491.2M | -$500.6M |
| Free Cash Flow | $1.14B | $976.2M | $768.8M | $1.08B | $1.67B | $144.0M | -$1.99B | $852.6M | $753.0M | $687.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +13.7% | +7.8% | -7.6% | +1.1% | +17.0% | +10.9% | -6.9% | -2.6% | -1.5% | |
| Net Income Growth (YoY) | +27.1% | -50.7% | +58.2% | +29.0% | +36.8% | -107.9% | -110.7% | +201.6% | +40.4% | |
| EPS Growth (YoY) | +23.9% | -47.1% | +48.7% | +22.0% | +34.2% | -108.9% | -120.2% | +194.7% | +35.2% | |
| Shares Change (YoY) | +2.9% | -0.5% | +3.1% | +3.9% | +1.6% | -5.1% | -4.3% | +1.0% | +0.6% | |
| FCF Growth (YoY) | -14.2% | -21.2% | +40.6% | +54.9% | -91.4% | -1,481.9% | +142.8% | -11.7% | -8.6% | |
| Gross Margin | 37.6% | 37.3% | 35.0% | 33.1% | 34.1% | 33.2% | 24.2% | 26.0% | 29.9% | 29.9% |
| Operating Margin | 14.6% | 14.4% | 13.5% | 13.7% | 14.9% | 13.5% | 5.4% | 5.8% | 8.8% | 7.6% |
| EBITDA Margin | 15.9% | 16.9% | 12.8% | 14.9% | 15.3% | 15.3% | 5.6% | 5.1% | 8.6% | 8.4% |
| Net Margin | 8.5% | 9.5% | 4.3% | 7.4% | 9.5% | 11.1% | -0.8% | -1.8% | 1.9% | 2.7% |
| FCF Margin | 10.0% | 7.5% | 5.5% | 8.4% | 12.8% | 0.9% | -11.7% | 5.4% | 4.9% | 4.5% |
| Effective Tax Rate | 21.3% | 19.7% | 40.7% | 11.7% | 3.5% | 3.4% | -349.3% | 25.0% | -18.7% | 3.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.68 | $6.40 | $5.07 | $6.91 | $10.31 | $0.87 | $-12.71 | $5.69 | $4.98 | $4.52 |
| Dividends Per Share | $2.23 | $2.38 | $2.54 | $2.57 | $2.77 | $2.99 | $3.01 | $3.22 | $3.25 | $3.29 |
| Shares Outstanding (Basic) | $146.0M | $149.6M | $148.9M | $148.4M | $154.2M | $158.8M | $148.2M | $149.8M | $150.5M | $151.4M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 6.90% |
| Return on Invested Capital | 5.92% |
| Return on Assets | 3.09% |
| Gross Margin | 31.72% |
| Operating Margin | 8.34% |
| Net Margin | 4.07% |
Financial Health
| Debt / Equity | 0.53 |
| Current Ratio | 1.43 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.05 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.35 | 20.72 | 27.65 | 25.74 | 22.72 | 17.88 | -79.91 | -47.39 | 41.11 | 28.86 |
| P/B | 2.64 | 3.06 | 2.26 | 2.69 | 2.49 | 2.58 | 1.15 | 1.62 | 1.39 | 1.28 |
| P/S | 1.47 | 1.96 | 1.28 | 1.90 | 2.11 | 1.96 | 0.66 | 0.93 | 0.79 | 0.77 |
| Gross Margin | 37.6% | 37.3% | 35.0% | 33.1% | 34.1% | 33.2% | 24.2% | 26.0% | 29.9% | 29.9% |
| Operating Margin | 14.6% | 14.4% | 13.5% | 13.7% | 14.9% | 13.5% | 5.4% | 5.8% | 8.8% | 7.6% |
| Net Margin | 8.5% | 9.5% | 4.3% | 7.4% | 9.5% | 11.1% | -0.8% | -1.8% | 1.9% | 2.7% |
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Explore sector: Industrials · Manufacturing - Tools & Accessories
More sections of SWK: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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